You will need to discuss some uncomfortable issues such as money and health concerns with your power of attorney. Be sure that you can easily speak with this person about all of these topics.
Are you a big planner and trying to think about protecting your future? Maybe you have been given a bad diagnosis and are worried about your future. You might be thinking about possible medical decisions that might have to be made. No matter the reason, it is important to make sure that you have a reliable power of attorney. You want someone who is going to take care of you, your health, and your money. If you own a business, you are also going to want someone to care for it if you are having health problems that prevent you from working.
How do you choose the right power of attorney?
Trust with money. You need someone that you can trust with your money. Look closely at how they handle their own money. Are they spenders or do they save money carefully? Will they do the same with yours?
Trust with medical decisions. You may also have to trust your power of attorney with some major medical decisions. What are their thoughts on prolonging life? Do you have the same beliefs? You need to think long and hard about what you want toward the end of your life. Make sure that you pick someone who is going to agree with you or, even if they do not, will follow your wishes.
Good age. You should probably choose someone that is younger than you. You want them to live longer than you and be able to take care of you when you need it the most.
In good health. The same goes for their health. You want them to be able to care for you when you need them to. Though things may happen that you don’t expect, you want to pick someone who is likely to stay in good health for a long time.
Comfortable discussing uncomfortable issues. You will need to discuss some uncomfortable issues such as money and health concerns with your power of attorney. Not all of these talks will go smoothly. You need to make sure that whoever you pick as a power of attorney will be able to talk with you, no matter how uncomfortable the topic is. You also need to be comfortable having these conversations with the person that you choose.
Commitment to you. You can’t just pick a power of attorney without discussing it with someone. They need to understand exactly what you are expecting from them. They need to be committed to you and taking care of you, your money, and your medical health. You need to have a peace of mind that they are going to be willing to care for you when you need it.
Understanding of business. If you own a business, you are going to need someone who understands your business and would be able to run your business without you. You may need to think a little harder about a power of attorney when you own a business or have one just to oversee the business, such as your second-in-command who knows your company just as well as you do.
Picking a Financial Power of Attorney
It can be difficult to figure out who you should pick for your power of attorney. You are putting a lot of trust in them. You want someone who thinks the same way that you do, or if not, will at least follow your wishes. You also should pick someone who is younger than you and in good health so that they will be around to help when you need them. You need to find someone who you are comfortable with so that you can discuss anything with, no matter what the topic is. Not every conversation is pleasant when you have to talk about money and medical issues.
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